Question 4 [15 points] Gulf Corp.runs boats along the coast of British Columbia. They purchased a cruising boat on September 5, 2014 for cash of $65,000. Its estimated useful life was 5 years or 20,000 hours with a residual value of $10,000. The company's year and is December 31. Assume actual hours of service were 2014:5,600 2015.5,600 2016: 3.100 Calculate depreciation expense for the first three years of the asset's useful life by completing the following table using the different depreciation methods Calculate the depreciation to the nearest whole month, and round depreciation amounts to the nearest whole dollar. For simplicity, assume that the boats are depreciated as one unit and will not be broken down into parts and depreciated Year Straight-line method Double-declining balance method Units of production method 2014 2015 2016